India’s anti-money laundering act has been amended to allow for more KYC options

The Indian Prevention of Money Laundering Act (PMLA) has been changed to allow more flexibility for people to prove that they are who they say they are.

Previously, the know your customer (KYC) restrictions in the law meant people were unable to give an alternative address than the one declared in Aadhaar, the official Indian identification number people get.

Now, thanks to the Ministry of Finance’s amendment, people have the option to give an alternative address like a work address instead their home address, Business Today reports.

The changes, which companies have reportedly desired for some time, will for instance benefit workers who move around for their jobs, meaning they can sign up for bank accounts for the address they are living in for work instead of the place where they live according to Aadhaar.

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